ack Fitzgerald wishes to purchase a used car that has a cash price of ​$12,000. The installment terms include a down payment of ​$3,000 and 48 monthly payments of ​$218. ​a) What finance charge will Jack​ pay? ​b) What is the APR to the nearest half​ percent? Annual Percentage Rate Table for Monthly Payment Plans.

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Question
ack Fitzgerald wishes to purchase a used car that has a cash price of
​$12,000.
The installment terms include a down payment of
​$3,000
and
48
monthly payments of
​$218.
​a) What finance charge will Jack​ pay?
​b) What is the APR to the nearest half​ percent?
Annual Percentage Rate Table for Monthly Payment Plans.
 
​(Finance charge per​ $100 of amount​ financed)
Number
​7.50%
​8.00%
​8.50%
​9.00%
​9.50%
of
 
Payments
 
 
 
 
 
36
11.98
12.81
13.64
14.48
15.32
48
16.06
17.18
18.31
19.45
20.59
 
The finance charge
​$
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